RATING ACTION:
On November 9, 2023, CariCRIS upgraded the assigned corporate credit ratings by 1-notch to CariBBB+ (Foreign and Local Currency) on the regional rating scale to PROVEN Group Limited (PROVEN or the Group). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:
- Cost to Income ratio improves to 75% and below
- Improvement in financial performance leading to operating profits and PAT over FY2020-FY2022 averages of US $6.9 million and US $20.1 million respectively
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- Economic environment negatively impacting revenue streams leading to losses
- Increase of PROVEN’s stand-alone debt to equity ratio to above 2 times
- A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors
- Cost to Income ratio weakens to over 75% for another year
- Another year of reduced share of profits from JMMBGL in line with FY2023
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Jeffrey James
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